- Binance rejects claims that it fired investigators over potential Iranian sanctions violations.
- The company reports a 96.8% reduction in sanctions-related trading.
- A Fortune report claims that the firm was involved in $1 billion Iranian-linked transactions.
Global crypto exchange Binance is defending its compliance program after recent reports questioned its oversight and regulatory controls. The crypto exchange argues that those reports misrepresent its efforts and fail to recognize its cooperation with law enforcement agencies around the world.
The company highlighted that its exposure to sanctions-related trading has fallen significantly. As per the platform’s claims, it has dropped by 96.8%, now representing just 0.009% of total trading volume. The exchange also emphasized the scale of its compliance operations, with over 1,500 employees, about a quarter of its workforce, dedicated to monitoring, screening, and investigations.
Binance Fights Back: Massive Compliance Overhaul Amid Criticism
In its latest blog post, Binance is responding to the criticisms raised after reports questioning its regulatory compliance and standards. The exchange stated its compliance infrastructure is stronger now and reflects measurable progress over the past two years.
Reportedly, the sanctions-related trading on Binance has dropped by 96.8% between January 2024 and July 2025. It now accounts for only a marginal 0.009% of total trading volume. This marks a significant drop from the 0.284%, underscoring the company’s efforts to reduce exposure to risky activity. Highlighting its efforts, the firm stated,
“Binance invests hundreds of millions of U.S. dollars in its compliance program, and a significant share of these resources is dedicated to maintaining a world-class compliance team…We maintain specialized teams focused on sanctions, counter-terrorist financing, financial crimes investigations, and special investigations, supported by governance, quality assurance, and training infrastructure.”
Notably, Binance has made major investments in compliance, with over 1,500 employees dedicated to monitoring and investigations. As per the platform, these resources help the team strengthen oversight and governance across its operations.
In addition, the firm stressed that its team has helped authorities handle over 71,000 requests worldwide in 2025 and assisted in seizing more than $131 million connected to illegal transactions.
Allegations Over Iranian Sanctions Probe at Binance
Notably, Binance’s blog post comes in response to a February 13 Fortune report, which claimed that internal investigators at the exchange had uncovered over $1 billion in USDT transactions linked to Iranian entities. This report also cited that these transactions violate sanctions laws.
The Fortune report, which cited anonymous sources and internal files, stated that the company fired at least five compliance investigators after they flagged these transactions. Several of those reportedly affected had backgrounds in law enforcement and were involved in sanctions and financial crime investigations. The report stated,
“Following internal review, and based on the advice of qualified legal counsel, we found no evidence that Binance violated applicable sanctions laws in connection with the activity referenced…That’s rather shocking that that happened under a monitorship with [Binance] internal investigators.”
These allegations raised concerns about how the US’s largest crypto exchange handles high-risk activity and enforces sanctions controls. The findings have further escalated the concerns over the platform’s ongoing regulatory scrutiny and past settlements with the US.
Despite these allegations, Binance maintains that its compliance program has strengthened over the past two years. It asserts that the team continues to comply with the regulatory standards, investing in governance and monitoring.
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